Livingston-based Energy Assets shares slide on first day

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SHARES in Scotland’s newest listed company fell 7.6 per cent during their first day of trading amid a wider stock market dip.

Livingston-based Energy Assets, which fits gas meters for large commercial and industrial customers, was valued at about £57 million following the initial public offering (IPO).

Philip Bellamy-Lee, the firm’s chief executive, said: “We are delighted to be starting life as a public company and we want to welcome all new shareholders to the company. Net new monies raised of approximately £11.9m will provide funds to enable us to expand the group’s business in line with our current growth plans and to strengthen the group’s balance sheet.”

Australian owner Macquarie Investments, which floated the business, will retain a 47 per cent stake following the IPO.

Shares in Energy Assets ended the day 16p lower than the offer price of 210p.